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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Vale ADR    VALE3

VALE ADR (VALE3)

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VALE : S.A. : Vale to conclude purchase option of Belvedere, exercised in 2010, after independent valuation

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01/31/2013 | 10:25pm CEST

Rio de Janeiro, January 31, 2013 - Vale S.A. (Vale) informs that it has entered into agreements to complete a purchase option exercised by Vale in June 2010, by which it will acquire an additional 24.5% stake in the Belvedere coal project (Belvedere) from Aquila Resources Limited (Aquila). The purchase price of A$ 150 million (US$ 156 million using AUD/USD of 1.04) is equivalent to the fair market value recently determined by a third party expert engaged by Vale and Aquila.

The acquisition is subject to Queensland Government indicative approvals. As an outcome of this transaction, Vale will increase its participation in Belvedere to 100%. Vale also agreed to settle Belvedere litigation and disputes with Aquila for A$ 20 million (US$ 21 million).

Overall, Vale will have paid approximately US$ 338 million for 100% of Belvedere. The Belvedere underground coal project is a future growth option located in the southern Bowen Basin region, near the city of Moura, in the state of Queensland, Australia. The project is still in early stage of development and, consequently, its implementation is subject to Board approval. According to our preliminary estimates, Belvedere has the potential to reach a production capacity up to 7.0 million metric tons per year of mainly coking coal.

 

For further information, please contact:

+55-21-3814-4540

Roberto Castello Branco: [email protected]

Viktor Moszkowicz: [email protected]

Carla Albano Miller: [email protected]

Andrea Gutman: [email protected]:
mailto:[email protected]

Christian Perlingiere: [email protected]

Marcelo Correa : [email protected]

Marcio Loures Penna: [email protected]

Rafael Rondinelli: [email protected]

Samantha Pons: [email protected]

 

This press release may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future and not on historical facts, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM), the French Autorité des Marchés Financiers (AMF), and The Stock Exchange of Hong Kong Limited, and in particular the factors discussed under "Forward-Looking Statements" and "Risk Factors" in Vale's annual report on Form 20-F. 

Vale to conclude purchase option of Belvedere:
http://hugin.info/144918/R/1674831/545456.pdf



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Vale S.A. via Thomson Reuters ONE

HUG#1674831
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